Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.78 CNY per share, corresponding to a 1.30x PB for 2024 [3][4]. Core Insights - The company's performance has significantly improved due to a notable enhancement in investment business, which is expected to continue benefiting from the rising demand for services related to new productivity [2][3]. - The company reported revenue and net profit attributable to shareholders of 8.44 billion CNY and 1.83 billion CNY for the first three quarters of 2024, reflecting year-on-year growth of 4.98% and 4.93% respectively [3]. - The average ROE increased by 0.05 percentage points to 4.55% year-on-year [3]. - The investment income for the first three quarters rose by 26.0% to 2.503 billion CNY, primarily due to an expansion in investment scale, with an average financial investment asset size of 97.05 billion CNY, up 20% year-on-year [3]. - The third quarter alone saw investment income of 1.18 billion CNY, a substantial increase of 165.7% year-on-year and 51.9% quarter-on-quarter [3]. - The investment banking business faced challenges, with a 43.4% decline in revenue to 514 million CNY due to a sluggish issuance market [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenues of 8.44 billion CNY and net profits of 1.83 billion CNY, both showing a year-on-year increase of approximately 5% [3]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.45 CNY, 0.49 CNY, and 0.52 CNY respectively, up from previous estimates [3]. Market Environment - The report highlights that the recent policy measures from the central government have bolstered market confidence, particularly in supporting the development of new productivity [3]. - The company has established a leading position in serving small and medium-sized enterprises, leveraging opportunities in innovative bonds and other financial instruments [3]. Investment Strategy - The report emphasizes the importance of the investment business as a key driver for performance improvement, while the investment banking sector remains under pressure [3][4]. - The anticipated marginal improvement in the issuance market is seen as a potential catalyst for future growth [3].

Investment Rating - The report maintains a "Buy" rating for the company [3][5] - The target price is raised to 36.54 CNY, up from the previous 33.25 CNY [5][14] Core Views - The company's Q3 2024 performance met expectations, with a significant improvement in revenue anticipated for Q4 [2][17] - The integration of the logistics company,日日顺, is expected to enhance operational efficiency and profitability [3][21][24] Summary by Sections 1. Investment Recommendations - The report maintains earnings forecasts for 2024-2026, with expected EPS of 2.03, 2.28, and 2.51 CNY respectively, reflecting year-on-year growth of 15%, 12%, and 10% [3][14] - The company is positioned as a leader in the home appliance industry, justifying a 18X PE for 2024 [3][14] 2. Performance Overview - For the first three quarters of 2024, the company achieved revenue of 202.97 billion CNY, a year-on-year increase of 2.17%, and a net profit of 15.15 billion CNY, up 15.25% [17] - Q3 2024 revenue was 67.35 billion CNY, with a slight year-on-year increase of 0.47% and a net profit of 4.73 billion CNY, up 13.15% [17] 3. Revenue Insights - Domestic sales experienced a slight decline, while overseas demand remained stable, with expectations for Q4 to show improvement [18][20] - The company anticipates a boost in domestic sales due to government incentives for replacing old appliances [18][20] 4. Profitability Analysis - Digital transformation initiatives have led to improved efficiency and cost control, with Q3 2024 gross margin at 31.32% and net margin at 7.17% [20] - The sales expense ratio decreased by 0.5 percentage points year-on-year, reflecting enhanced operational efficiency [20][21] 5. Cash Flow Performance - The company reported a total cash and cash equivalents of 48.18 billion CNY, with a net cash decrease compared to the previous half [22] - Operating cash flow for the first nine months of 2024 was 13.88 billion CNY, a 5.1% increase year-on-year [22] 6. Strategic Developments - The merger with日日顺 is aimed at strengthening the company's logistics capabilities and enhancing customer service [24]

Investment Rating - The investment rating for Qingdao Beer is "Buy" with a target price of 78.80 CNY, up from the previous target of 73.70 CNY [4]. Core Views - The company's performance in Q3 2024 was below expectations, primarily due to a significant increase in sales expense ratio by 2.4 percentage points, which is higher than previous forecasts. This is considered a short-term impact [2][3]. - Revenue for Q3 2024 decreased by 5.3%, and net profit after deducting non-recurring items fell by 7.9%. The decline in sales volume is attributed to inventory control during peak season [2]. - The average selling price slightly decreased, with a sales volume drop of 5%. The main brand's sales volume was 1.225 million kiloliters, down 4.1% year-on-year [2]. - The company is expected to see a recovery in consumption and organizational innovation in the medium term, with a projected PE of 25X for 2024 [2]. Financial Summary - For 2024, the estimated revenue is 31.795 billion CNY, a decrease of 6.3% from 2023. The net profit is projected to be 4.398 billion CNY, reflecting a 3.0% increase [3]. - The earnings per share (EPS) for 2024 is revised to 3.22 CNY, down from the previous estimate of 3.35 CNY. EPS for 2025 and 2026 are projected at 3.44 CNY and 3.66 CNY, respectively [2][3]. - The net profit margin is expected to improve as the sales expense ratio returns to a reasonable range by 2025 [2].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [2] Core Viewpoints - The non-bank financial sector has seen significant allocation increases due to market uptrends and supportive policies, particularly benefiting financial technology and brokerage firms, as well as pure life insurance companies with greater investment flexibility [2][4] - The insurance sector's allocation ratio has risen from 1.77% to 2.92%, driven by a 44.66% increase in the insurance index in Q2 [3] - The brokerage sector has also received increased allocations, with public fund holdings rising from 2.50% to 3.28% [3] Summary by Relevant Sections Insurance Sector - The allocation ratio for the insurance sector increased significantly, with major companies like China Ping An and China Life seeing their holdings rise [3] - China Ping An's market value proportion increased from 1.46% to 2.92%, while China Life's rose from 0.06% to 0.07% [3] - The report recommends investing in pure life insurance companies due to their investment flexibility [4] Brokerage Sector - The brokerage sector benefited from improved liquidity, with daily stock trading volumes reaching 2.6 trillion by the end of September [3] - The report notes that the brokerage sector's public fund holding ratio increased from 2.50% to 3.28%, indicating a 0.60 percentage point under-allocation [3] - Specific recommendations include stocks like Dongfang Caifu and CITIC Securities, which have seen increased holdings [3][9] Financial Technology and Diversified Finance - The report highlights a rise in allocations to diversified finance and financial technology, with public fund holdings in these sectors increasing [4] - Companies like Tonghuashun and Zhinan Zhen have seen significant increases in institutional holdings, indicating strong interest in financial information service providers [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][4]. Core Views - Q3 performance slightly exceeded expectations, with accelerated equipment acceptance and steady progress in platform layout [4]. - The company is enhancing its capacity layout and accelerating the localization of components [4]. Financial Summary - Revenue for 2022 was 1,649 million, projected to grow to 2,508 million in 2023, and reach 5,981 million by 2026, reflecting a growth rate of 104.9% in 2022 and 52.1% in 2023 [3]. - Net profit attributable to the parent company was 502 million in 2022, expected to rise to 724 million in 2023 and 1,677 million by 2026, with a growth rate of 153.0% in 2022 and 44.3% in 2023 [3]. - The earnings per share (EPS) is projected to be 2.12 in 2022, increasing to 3.06 in 2023 and 7.08 by 2026 [3]. - The return on equity (ROE) is expected to improve from 10.5% in 2022 to 17.9% by 2026 [3]. Performance Highlights - For Q1-Q3 2024, the company achieved revenue of 2,452 million, a year-on-year increase of 33.22%, and a net profit of 721 million, up 27.8% [4]. - In Q3 2024 alone, revenue reached 955 million, marking a 57.63% increase, with net profit at 288 million, up 51.74% [4]. - The gross margin for Q1-Q3 2024 was 45.82%, with a net margin of 29.4% [4]. Equipment and Product Development - The company is advancing its CMP equipment, with the Universal H300 achieving small batch shipments in the first half of 2024 [4]. - The Versatile-GP300 thinning equipment has secured multiple orders from leading front-end fabs, while the Versatile-GM300 is being validated at domestic packaging testing facilities [4]. - New cutting equipment for advanced packaging has been sent to multiple clients for validation [4]. Capacity and Localization Efforts - The Beijing and Tianjin bases are expected to complete construction by the end of 2024, enhancing CMP, thinning, and cleaning equipment capacity [4]. - The company is investing 1.698 billion in a new base in Shanghai Lingang [4]. - Localization efforts have progressed, with key components like the spindle and multi-hole suction cups reaching mass production conditions [4].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 ——东方证券 2024 年三季报点评 投资业绩大幅提振，业绩有望持续改善 东方证券(600958) [Table_Industry] 综合金融/金融 | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|---------------------|---------------------------|---------------------------|-------|-------| | | | | | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 王思玥 ( 研究助理 ) | | 吴浩东 ( 分析师 | ) | | | | 021-38676647 | 021-38031024 | | 010-83939780 | | | | | liuxinqi@gtjas.com | | wangsiyue ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - The company is benefiting from the release of high-end production capacity, leading to continuous high growth in performance year-on-year [3][4] - The third quarter of 2024 saw a significant year-on-year increase in performance, although there was a slight decline in growth rate due to a drop in low-end demand [3][4] - The company is expected to continue seeing performance growth driven by capacity optimization and high-end product layout [3][4] Financial Summary - Revenue for 2022 was 662 million, with projections of 712 million for 2023, 952 million for 2024, 1,125 million for 2025, and 1,252 million for 2026, reflecting growth rates of 6.0%, 7.5%, 33.7%, 18.2%, and 11.3% respectively [4][8] - Net profit attributable to the parent company for 2022 was 188 million, with forecasts of 174 million for 2023, 245 million for 2024, 300 million for 2025, and 342 million for 2026, showing growth rates of 8.9%, -7.6%, 40.8%, 22.5%, and 13.7% respectively [4][8] - Earnings per share (EPS) is projected to be 0.94 for 2023, 1.32 for 2024, 1.62 for 2025, and 1.84 for 2026 [4][8] Market Data - The current stock price is 52.47, with a target price raised to 67.32 from the previous 59.18 [2][4] - The company has a total market capitalization of 9,746 million [4][8] - The price-to-earnings (P/E) ratio is currently 56.01 for 2023, projected to decrease to 39.77 for 2024 and further to 32.45 for 2025 [4][8]

Investment Rating - The report assigns a "Cautious Accumulate" rating to the company, with a target price adjusted to 5.60 yuan [3][12][4]. Core Viewpoints - The company's performance in Q3 2024 was below expectations, primarily due to a significant decline in the new energy equipment business, which is expected to suppress performance for about six months. However, the automotive PTC and pre-plated nickel new businesses continue to show steady growth, with expectations for revenue improvement in 2025-2026 [2][3]. Summary by Sections 1. Investment Recommendations - The report highlights that the pre-plated nickel materials segment is experiencing a recovery, with sales of 1,570.59 tons in the first three quarters of 2024, a year-on-year increase of 146.9%. The new energy vehicle PTC segment also reported a revenue of 316 million yuan, up 31.90% year-on-year [13][12]. 2. Performance Overview - For the first three quarters of 2024, the company achieved a revenue of 2.842 billion yuan, a decrease of 12.23% year-on-year, and a net profit of 280 million yuan, down 52.21% year-on-year. In Q3 2024, revenue was 783 million yuan, down 34.31% year-on-year, with a net profit of 67 million yuan, a decrease of 82.98% year-on-year [15][3]. 3. Revenue Side: New Business Steady Growth, New Energy Equipment Decline - The new energy equipment business faced challenges, with new orders in the polysilicon sector dropping to 117 million yuan from 1.284 billion yuan in the same period last year. The report anticipates that the impact of declining photovoltaic equipment orders on overall revenue will last for about six months [13][12]. 4. Profitability: Stable Gross Margin Performance - The gross margin for the first three quarters of 2024 was 22.64%, an increase of 0.93 percentage points year-on-year, while the net margin was 10%, up 8.21 percentage points year-on-year. In Q3 2024, the gross margin was 22.19%, a decrease of 0.34 percentage points year-on-year, and the net margin was 9.16%, down 24.06 percentage points year-on-year [16][19]. 5. Cash Flow and Financial Position - The company reported a total of 1.16 billion yuan in cash and trading financial assets as of Q3 2024, with cash decreasing by 170 million yuan compared to H1 2024. Operating cash flow for Q3 2024 was 134 million yuan, showing a positive trend compared to previous quarters [19][18].

Investment Rating - The report maintains a "Buy" rating for Changbai Mountain, with a target price raised to 36.87 CNY, reflecting a 36% upside from the current price of 31.36 CNY [4][3]. Core Views - The company's performance in Q3 2024 was slightly below expectations due to a decline in hotel occupancy rates and average spending per customer, alongside rising labor costs. The report emphasizes the importance of monitoring the progress of the private placement, new projects, and transportation developments [2][3]. - The projected net profits for 2024-2026 have been revised downwards to 1.66 billion CNY (-16%), 2.14 billion CNY (-15%), and 2.71 billion CNY (-14%), respectively. The corresponding EPS estimates are 0.62 CNY, 0.80 CNY, and 1.02 CNY [3]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 5.95 billion CNY, representing a 29% increase year-on-year. However, the net profit attributable to shareholders decreased by 3% to 1.48 billion CNY [3]. - In Q3 alone, revenue was 3.4 billion CNY, up 3.19% year-on-year, while gross profit fell by 5.56% to 1.97 billion CNY, resulting in a gross margin of 57.9%, down 5.36 percentage points [3]. - The report highlights that the increase in costs, particularly in personnel expenses, contributed to a significant decline in profit margins [3]. Market and Industry Context - The report notes that the company is expected to benefit from the upcoming Harbin Asian Winter Games in February 2025 and the anticipated completion of the Shenyang-Baicheng high-speed railway by the end of 2025, which will reduce travel time to Changbai Mountain [3][4]. - The report also mentions the potential for increased customer flow due to local government initiatives, such as ski consumption vouchers, aimed at boosting winter sports participation [3].

Investment Rating - The investment rating for Qingdao Bank is "Accumulate" [4][3]. Core Views - Qingdao Bank's net profit growth in Q3 2024 exceeded expectations, while revenue growth slightly declined due to other non-interest income. The bank maintains a double-digit expansion rate and stable asset quality, justifying the "Accumulate" rating [3][4]. Summary by Sections Financial Performance - In Q3 2024, Qingdao Bank's revenue growth was 0.8%, a slight decline compared to Q2. The net interest income, commission income, and other non-interest income grew by 4.8%, -13.1%, and -6.4% year-on-year, respectively. Other non-interest income was the main drag on revenue, likely affected by bond market fluctuations in August. Despite the revenue decline, Q3 net profit growth reached 24.7%, outperforming comparable peers [4]. Asset Quality - As of Q3 2024, the bank's total assets grew by 15.1% year-on-year, with loans increasing by 11.3%. The growth in inclusive small and micro loans was particularly notable, with a year-end balance increase of 8.51 billion yuan, or 25.13%. Deposits grew by 12.9%, improving the deposit-to-liability ratio to 68.5%. The non-performing loan ratio stood at 1.17%, with a coverage ratio of 245.7%, indicating enhanced risk mitigation capabilities [4]. Market Data - The current stock price of Qingdao Bank is HKD 2.74, with a market capitalization of HKD 15,948 million. The stock has traded within a range of HKD 1.84 to HKD 2.97 over the past 52 weeks [5][6].